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Pulse Oximeters and Spirometers: Market Growth and Forecast in 2024
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According to The Business Research Company's, The pulse oximeters, spirometers market size has grown steadily in recent years. It will grow from $4.95 billion in 2023 to $5.06 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth in the historic period can be attributed to healthcare diagnostics, hospital and clinical settings, home healthcare, technological advancements.
The pulse oximeters, spirometers market size is expected to see steady growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to telemedicine and remote monitoring, chronic disease management, aging population, personalized medicine. Major trends in the forecast period include wearable pulse oximeters, telehealth integration, data connectivity, patient-centric care, advanced spirometry features, respiratory rehabilitation.
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Market Drivers and Trends:
COVID-19 infection is a respiratory illness and therefore there is an increased demand for respiratory devices including pulse oximeters and spirometers. Oxygen therapy is a major intervention for patients with severe COVID-19 infection, and the healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems. Pulse oximeters and spirometers are valuable tools in monitoring and managing COVID-19, helping to assess oxygen levels and lung function. For instance, in October 2023, according to the World Health Organization, a Switzerland-based agency of the United Nations responsible for international public health, there were 771,191,203 confirmed cases of COVID-19, with 6,961,014 reported deaths. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.
Companies in the pulse oximeters, spirometer market are increasingly focusing on developing smart and wireless oximeters and spirometers. The use of wireless technology in monitoring devices is trending nowadays, which enhances its ease of usage and data analysis. The integration of wireless technology allows the transfer of data from the device to a smartphone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results. For instance, in November 2021, Cipla Ltd., an India-based pharmaceutical company, introduced Spirofy, a portable and wireless spirometer, on World COPD Day. Cipla's Spirofy guarantees precise results and ensures individual patient safety through the use of bacterial viral filters (BVF). Spirofy is entirely wireless and offers reliable battery backup, making it ideal for outdoor camps, remote regions with power limitations, and providing physicians with enhanced flexibility and convenience.
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Major Key Players of the Market:
Smiths Medical Inc., Koninklijke Philips N.V., Vyaire Medical Inc., Schiller AG, General Electric Company, Masimo Corporation, Medtronic plc, Opto Circuits (India) Ltd., Fukuda Denshi Co. Ltd., Hill-Rom Holdings Inc., MGC Diagnostics Corporation, Messe Düsseldorf GmbH, Omron Healthcare Inc., Nonin Medical Inc., Edwards Lifesciences Corporation, Drägerwerk AG & Co. KGaA, Spacelabs Healthcare Inc., Halma plc, SDI Diagnostics Inc., nSpire Health Inc., SIBELMED, Labtech Ltd., CareFusion Corporation, NDD Medical Technologies Inc., Vitalograph Ltd., COSMED srl, Philips Benelux, Contec Medical System Co. Ltd., Smiths Group plc, TytoCare Ltd.
Pulse Oximeters, Spirometers Market 2024 Key Insights:
• The pulse oximeters, spirometers market size is expected to see steady growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%.
• Surge In Pulse Oximeters, Spirometers Market In Response To Covid-19
• Developments In Wireless Technology Transforming The Pulse Oximeters And Spirometers Market
• North America was the largest region in the pulse oximeters, spirometers market in 2023
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